THE COMPETITIVE EDGE OF TECHNOLOGY

The FMCG industry is utilising innovation within the technology sector to its advantage to improve the automation of production processes, enhance customer service experience with personalised marketing campaigns, and improve the safety and security of business, its customers and employees

As technology innovation grows, so does businesses need to embrace the development of new equipment and technologies designed to support business growth, consumer experience, and uptake of what FMCG retailers offer. With new technology and equipment simplifying manual labour such as cleaning, baking or cooking, there is great potential for cost savings, and innovations within the sector are ongoing.

Retailers utilising data analytics to create personalised marketing campaigns and better understand consumer needs is another significant growth potential area. The growth of eCommerce has meant that consumers have an array of options. Reaching a market value of 3.18 billion USD in 2022, with an expected CAGR (compound annual growth rate) of 12.5 percent over the next decade, eCommerce is an area of particular growth potential and importance. Paying attention to what consumers are interested in and creating specific marketing campaigns catered to these interests across multiple mediums will be necessary for businesses to maintain a competitive edge.

However, this growth in eCommerce and digitalisation has also propelled innovation within the financial technology sector, as the need for simplified and affordable retailer and consumer experiences when purchasing and conducting business through eCommerce platforms has become increasingly important.

Innovation in equipment has also led to the innovation of security solutions. With the recent data reflecting an increase in retail crime, retailers offering commercial security solutions has become an urgent matter of importance. This has propelled the need for preventative security solutions, such as bollards, barriers, security gates, bars, and extra locks. n